Our View: Are Fall River's economic clouds parting?

For years, it seems, a dark cloud has been hanging over Fall River's economy. The city's once-booming textile and manufacturing industry, long the Spindle City's economic powerhouse, fell into permanent decline.

For years, it seems, a dark cloud has been hanging over Fall River's economy. The city's once-booming textile and manufacturing industry, long the Spindle City's economic powerhouse, fell into permanent decline.

Then, when the city was already down, the Great Recession delivered another big punch that the city is still feeling. The economic woes have been mounting for more than a decade and the clouds are still hovering. This has a trickle-down effect on the entire region's economy.

The decline of Fall River's manufacturing sector has taught the city a valuable lesson that many businesses employ: Diversification is a key to a company's — or a city's — health.

As Mayor Will Flanagan, Fall River Area Chamber of Commerce and Industry President Robert Mellion and Fall River Office of Economic Development Executive Vice President Kenneth Fiola prepare to deliver their State of Business addresses to members of the chamber on Wednesday morning, these challenges still remain, but there are also a number of bright spots if you look around Fall River and the surrounding area.

Despite the troubles that remain, it looks like the clouds are beginning to dissipate. Manufacturing still remains a big part of Fall River's economy, contributing $205 million in payroll to Fall River's $1.4 billion total payroll in 2013. Manufacturing jobs actually grew in Fall River in 2013, from 4,373 in 2012 to 4,418.

Among the manufacturing success stories: Matouk Co., which has expanded in Fall River thanks to a workforce that does linen manufacturing work well. Fueled by a renewed interest in "Made in America" products, small manufacturing in Fall River is also weaving a new chapter for Fall River business.

Meanwhile, a new industry leader has emerged in Fall River over the years: health care. Officials hope health care will continue to deliver the economic shot in the arm the city needs. With two growing regional hospitals and numerous medical facilities located throughout the city, health care contributed $484 million in payroll to Fall River in 2013.

And as the economy begins to improve, Fall River residents have more discretionary money to spend at small businesses, some of which also reported an uptick in business last year. Much as the "Made in America" movement has helped consumer consciousness, the "Buy Local" movement has been a good promotional tool for small businesses.

While Fall River still struggles with unacceptably high unemployment, there are several ways local officials can help change that. By working with existing companies, attracting new industries and businesses, training the workforce with new skills and better educational opportunities, streamlining or eliminating unnecessarily burdensome regulations, and working as a partner in the success of local businesses, better days may be just over the horizon.